$1.55b a year in cancer life insurance claims

Life insurers paid out over $1.55 billion in claims to Australians for cancer, over the year to 30 June, 2019, according to the Financial Services Council (FSC).

Data from KPMG on behalf of the FSC found per 100,000 people insured there were 8.82 claims for breast cancer – the most common type of cancer.

This was followed by prostate at 4.47, colon at 3.47, lung at 2.98, and skin at 2.52.

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FSC chief executive, Sally Loane, said the firm was releasing the data so that Australians would understand the volume and rates at which cancer affected the nation.

“The top 10 break down shows breast cancer claims are by far the most common, almost exclusively affecting women and occur at around double the rate of the most common cancer for men, prostate cancer,” she said.

“We know cancer doesn’t discriminate and can change lives overnight. We urge all Australians to get in touch with their life insurer or superannuation trustee to find out what their life insurance covers if they’re not sure.”

 

Cancer Type

Claims per 100,000 people insured

1

Breast

8.82

2

Prostate

4.47

3

Colon

3.47

4

Lung

2.98

5

Skin

2.52

6

Brain

1.47

7

Liver

1.28

8

Pancreas

1.28

9

Stomach

0.82

10

Hodgkin’s Disease (Lymphatic system)

0.77

Source: FSC/KPMG data for the year to 30 June 2019 – claims rate per 100,000 people insured for Retail and Group Life Insurance




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About time FSC. There needs to be far more publicity about the huge amounts of insurance claims paid and the positive impact it has on so many lives.

Thanks to the distortion and exaggeration of Adele Ferguson and her media cronies, most Australians don't believe any insurance companies pay any claims. As a result too many Australians are tragically underinsured and will be in dire financial straits if they get sick or injured.

Shame that the distribution of these products will slow and that the failing Private Health, woeful NDIS and struggling public hospital system will have absolutely no ability to fill the gaps....that is without increasing your taxes.
Its an indictment on Govt that the basically got rid of Financial Advisers and consumer access to affordable advice from the Aust marketplace....and have ABSOLUTELY no plan to fund the shortfall. This funded the continuation of peoples lives!!
Lots of defaulting on credit and lots of hungry, unhealthy , anxious families in our future I'm afraid.

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